October 7, 2019
NorthMarq’s Jacksonville office secured a $15.5-million loan to refinance Hilton Bentley Beach Retail in Miami. Ryan Whitaker of NorthMarq secured the 10-year, interest-only financing on behalf of the undisclosed borrower through a CMBS lender.
The 109-room condo hotel is located at 101 Ocean Dr. in Miami Beach, and is part of the Hilton reservation system. The property also includes 18,575 square feet of commercial space, which consists of retail space, common area amenities and a parking garage.
“This was a very sophisticated transaction, representing an excellent oceanfront location in South Beach,” said Whitaker. “Some of the challenges that we faced were insurance, value and the condo structure.”
For comments, questions or concerns, please contact David Cohen